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TDA market recap, Jan. 4
AUSTIN -- For the week ending Jan. 4, Texas feeder cattle auction prices were not available as all reporting locations remained closed for the holidays. Texas direct feeder cattle prices were steady. Market fundamentals remain bullish as tight supplies, record high fed cattle prices and grain prices were much lower than they were at this time last year and continue to support feeder prices. Fed cattle cash prices were up $3 from the previous week to a new record high of $136.52 per hundredweight (cwt). Wholesale beef values were higher. Beef exports totaled only 2,500 metric tons, down 48 percent from the prior four-week average.
Cotton prices were lower. Weekly cotton export sales were down 61 percent from both the previous week and the average. Major buyers were China, Bangladesh, Turkey, and Mexico. Corn and grain sorghum prices were lower as large U.S. supplies and weak exports continue to pressure markets. Corn export sales for the week were down 90 percent from the previous week and 80 percent lower than the four-week average. Japan, Peru, and the Dominican Republic were leading buyers. Shipments were down 37 percent from a week earlier and 7 percent below the average. Wheat prices were lower. U.S. wheat export sales for the week were down 58 percent from the previous week and 46 percent lower than the prior four-week average.
Futures markets were higher for feeder cattle and fed cattle, but lower for cotton, wheat, corn, and lumber. Precipitation fell in the northern Panhandle, South, and East Texas, with the heaviest totals of 2 inches or more falling in the Lower Rio Grande Valley. Last week’s U.S. Drought Monitor showed little change in Texas from the previous report, with 72 percent of the state rated in some degree of drought. Most of East and East-Central Texas and sections of the Trans-Pecos, North, and South Texas remain free of drought.
Texas Cash Markets for the week ending Jan. 4:
The cash prices above are market averages for locations covered by the USDA Market News program and do not reflect any particular sale at any specific location.
Feeder cattle prices are for Texas direct sales of 650-850 pound medium and large No. 1 steers for current delivery. Futures prices are quoted for the nearest month contract on the last trading day of the week.
For more information, contact the Texas Department of Agriculture at 1-800-835-5832 or visit the website, http://www.TexasAgriculture.gov.
•Feeder steers, $164.59/cwt
•Fed cattle, $126.52/cwt
•Grain sorghum, $7.44/cwt •Wheat, $6.46/bu
Futures markets: •Feeder cattle, $167.62/cwt
•Fed cattle, $136.30/cwt
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